Solana at Risk: Key $180–$190 Range Under Pressure
**The Essentials at a Glance:**
Solana (SOL) is currently facing a critical price range between $180 and $190. Dropping below this level could lead to further losses. While trading volume is declining, market sentiment shows mixed signals. Technical indicators such as the Relative Strength Index (RSI) and buying volumes suggest potential stabilization, while other data points indicate a risk of price decline.
The Current Market Situation for Solana
Solana, a leading player in the cryptocurrency market, recently experienced a slight correction. After a weekly gain of 5%, the price dropped to $193 in the last 24 hours. The market capitalization currently stands at over $92 billion. According to analyst Ali Martinez, it is crucial for SOL to remain within the $180 to $190 price range. Falling below this range could lead to further losses and put investors under pressure.
Decline in Trading Volume
Data from Santiment shows that Solana’s trading volume has significantly decreased over the past week. A decline in trading volume is often interpreted as a signal of waning market activity and a potential risk of a downward trend. Despite this decline, Solana remains highly visible on social media, indicating continued strong attention in the market.
Positive Signals from Market Sentiment
Interestingly, Solana’s long/short ratio shows an increase in long positions. This means that more investors are betting on rising prices, which can be considered a bullish signal. Additionally, Solana’s buying volume reached a value of 86 on December 29, according to Hyblock Capital. Values close to 100 indicate high buying activity, which could help stabilize the price.
Focus on Technical Indicators
Technical analyses present a mixed picture. Solana’s Relative Strength Index (RSI) shows a slight recovery, indicating an increase in buying activity. At the same time, the Chaikin Money Flow (CMF), an indicator of money flows into the market, has recently declined. This could signal weakening buying power, which might put downward pressure on the price.
Will Solana Fall Below $180?
Whether Solana can hold the critical $180 level remains uncertain. While some indicators suggest stabilization, others point to an increased risk of a price drop. The coming days could be decisive in determining the market’s direction.
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Our Assessment
Solana is at a pivotal point. The $180 to $190 price range is seen as a key area for the token’s short-term development. Investors should closely monitor trading volumes and technical indicators to make informed decisions. A drop below this range could lead to further losses, while a stable price above $190 could boost confidence in the market.
**Sources:**
– Santiment
– Hyblock Capital
– TradingView
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